The country's GDP is expected to grow by 7.7 per cent in the April-June quarter on the back of pick up in leading indicators like cement production, sale of vehicles and bank credit, a report by SBI said.

Sentiment in the manufacturing and services sectors -- both of which make up nearly 80 per cent of the $2.6 trillion economy -- rebounded in June, with new orders picking up pace. RBI is also optimistic about growth and a narrowing output gap.

Kotak, who is the president-designate of the Confederation of Indian Industry, defended the central bank’s move to harden rates by 25 basis points for the first time since the Modi government came to power.

But they have identified higher crude oil price and its impact on inflation, current account deficit and overall growth as risk factors that are expected to weigh on the RBI’s Monetary Policy Committee, which meets next week.

Dheeraj Hinduja, chairman at India’s second largest truck maker Ashok Leyland, prefers a low profile, but with managing director Vinod Dasari leaving at the end of the month, he says he’s become more “hands-on”.